A publicly-held pharmaceutical company with large clinical Phase 1 and 2 pipelines was undergoing problems with account review.  Finance attempted to track trial spending and reconcile clinical progress to financial reports with the use of Excel spreadsheets. Strapped finance and accounting personnel spent precious time performing duplicate data entry by first entering entries in the Accounts Payable system and then hard-coded entries back into Excel. The end-of-month accounting review cycle was time-consuming, error prone, and required significant re-work.

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Outcome

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Dyad replaced the labor-intensive Excel spreadsheets with custom-developed software. Dyad’s patent-pending financial software bridged the gap between the clinical and financial systems—giving the company a competitive edge in managing clinical trials, including improved efficiency and SG&A reporting. The company was able to aggregate costs by project, drug, disease, or business line. Additional benefits to the financial controls included:

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• An integrated view of a company’s portfolio of trials from a protocol, patient, drug, and cost standpoint
   

• Addressed auditors’ push for more detail and scrutiny of controls in a post Sarbanes-Oxley environment
   

• Decisions on trial budgeting and spending could be made in conjunction with clinical endpoints for trials such as:
   

  • Performance management for vendors

  • Increased financial accountability

  • Planning for drug production and forecasting

  • Guidance back to clinical trial departments for trial planning forecasting